Closed +16 pips
This was up +50 pips at one time. Had concerns about trade so put a stop below the low of the current daily candle. It hit. Daily candle closed as a bearish shooting star.
Trades open:
Long AUDUSD: -6
Long AUDCAD: +90
Last night put 2 pending order before going to bed. Woke up and found they had triggered:
Long EURGBP
Strength (7/1)
Market Flow: Down channel on Weekly, 3 ducks pointing up…expecting to break resistance based on strength relationship
S&R - Prior resistance at .8700. top of weekly channel
Volume high on candles leading up to resistance…buying pressure?
High impact news coming out in about 2hrs.
Currently at +30ish
Short GBPAUD
Strength (1/3)
Market Flow: Down channel on both daily & weekly charts, 3 ducks pointing down…expecting to break daily support and continue down to weekly support
S&R - Prior support at 1.4870. bottom of channel
Volume high on candles leading down to support…selling pressure?
Medium impact news coming out in about 3hrs.
Currently at +40ish
Priod trades still open:
AUDCAD: +40ish
Longs to look for: USDJPY (7/1), NZDJPY(6/1), NZDCAD(6/2)
Not CHFJPY(5/1) - Longs pay interest
Not USDCAD(7/2) - Longs pay interest
Shorts to look for: , GBPNZD(0/6)
Not GBPUSD(0/7) - Shorts pay interest
Not GBPCHF(0/5) - Shorts pay interest
Interest earned so far: $1.10 just for having orders open that have +ve interest differential.
Short GBPNZD
Strength (0/6)
Market Flow: Down channel on both daily & weekly charts, 3 ducks pointing down…
S&R - Broke channel midline support, retested but held…lots of downward room
Candlesticks: Bearing Engulfing breaking support
Volume high on candles leading down to support…selling pressure?
Medium impact news in 2+hrs.
Lucky you 
My USDCAD long I was paying 20c in interest a day… I carried it over for about two weeks, added more was carrying into the 2nd week with 40C in interest lol… snagged it back at around 9980~ and added 1.0014 not so bad now, down to 15c a day interest against me. Can’t wait till the next net extreme to bring it back
Some consider it the “cost” of doing business if the end result is a profit, but to those who “carry trade” it’s an important component of that method. For me, I won’t be trading that pair or any unless the directional bias and interest differential are both in sync. I think March is when a lot of interest meetings/decision take place so will see how that changes things if at all. 
I just ignore it for the most part, I am more willing to scale out fast in a long trade to minimize costs going to the end of the week than I am a short trade since shorting it will give me interest, but the way I see it also is when you go long for a long term carry trade price will make it’s high and you can take it the other way so the interest will be paid for or your profits will massively outweigh the carrying costs. However with that also said if its a highly consolidated pair which this one is sometimes and for long times its best to wait when its about to move soon then get in so your not sitting at b/e or minimal profit.
I’m not sure I understand what you mean there…if you go long USDCAD, it will cost you interest whether it’s in profit or loss, correct?
Yes, oanda charges me on the long side of USD/CAD despite my position being in the money or not, when I am short they pay me. But I drastically try to reduce the swap I am paying by scaling out fast where as on the short side long term im willing to hold a larger in the money position longer because I still get swap money, though its not my goal to make money via the swap there are some strategies that exploit this that do very well.
Ok, good…that makes sense. I think I made it part of my “selectivity” critieria of what pairs to trade…so even if USDCAD is trending up and I miss pips, I’d rather not give up any profits if I don’t have to. I will wait until it’s reached a top and then short it when it shows signs of heading back down again. It might not seem a lot when trading micro lots because the interest is only based on multiples of $1K so it’s only pennies, and then mini lots are dollars, but getting into standards lots is where it can get really noticeable! Then again I’m sure it’s all relative 
Nice thread so far Sweet Pip. I’ll be following in the background.
Closed +174 
Let it run a little longer and farther than last time…until it ran into some common resistance (lime lines) across multiple timeframes. I’m sure on the path to 900 pips, there will be lots of resistance along the way.
Can you let us know at which entry, sl and tp are you going to execute on each trades? The chart which you show is not very clear and thus I hope to request that you can indicate your entry, sl and tp for each trade. Thanks a lot!
Hi wenlong76,
Well…actually…I’m not using a sl, at least not initially anyways. I don’t set one when I first open a trade so I can give price the room it needs…you’ve probably noticed how wide the swings can be as price weaves it’s way up & down along it’s path, or how news releases cause massive temporary price spikes. So much time & effort is spent on trying to strategically figure out the best place to put stops and still they get taken out just before price goes back in your favour. I don’t know, it seems irresponsible not to put one at all; sometimes it’s a tough call . However I’ve decided that if a trade gets into good profit like +100 pips, then I’ll put a stop in at just better than break even. For the reverse, if a trade just won’t get into profit, then I need to close it in a loss. That part’s still a little grey. The same goes for not putting in a tp. Putting one goes against the concept of letting your winners run and the trend is your friend.
I really don’t want to write a novel here, so on my first post of this journal is a link to Myfxbook and you can use that to check on my sl & tp situation of each trade. This journal is more for me to keep track of what I’m doing and to stay disciplined in my reasons for opening trades. The “portfolio” aspect of what I’m doing is further explained in this thread… 301 Moved Permanently. The rest of what I’m doing is trying to “select” which pairs to put in my portfolio based on strength analysis and price action.
Ya sorry about the charts.
One tsunami from disaster…
I’ve always had reservations about leaving trades over the weekend due to the chance that when the markets re-open, that price won’t be exactly where it was before it closed…“gaps”. Gaps can either be in your favour or against. What I’ve come to know of them is that mostly price tends to revert back to pre-weekend rates…closing/filling the gap…then resumes the way it opened. I think that behaviour is caused by the triggering of stops. This weekend the gaps went in my favour, price then started filling the gaps and is now somewhat continuing in my favour.
I now have a stop at BE on 2 of my 4 trades that are over 100+pips.
Looks like ditching the M5 was the best move after all. Nice job :35:
All 4 open trades closed …most due to a retrace to my stop…in profit
Long EURGBP +55 - was at resistance of a weekly down channel…when opened the strength relationship highly favoured EUR, but since then it grew weaker so didn’t want to push it for further upward movement until it actually breaks that resistance & retests it as support. Set a TP at last high…got hit.
Short GBPAUD +82 - was over 200 so set stop just above last pullback on 4hr chart…got hit.
Short GBPNZD +37 - was over 100 so set stop just above last pullback on 4hr chart…got hit.
Long NZDJPY +1 - was over 80 so set stop to +1 above BE…got hit.
Will be looking for new trade setups starting this evening after daily candle closes (9pm PST)
Interest earned to-date: +1.60
What broker do you use? Oanda seems to be charging me… Never gain on interest though.